Introduction
Hello and welcome to this article, where we’ll introduce Sahara SocialFi. We won’t dwell too long on the introduction of what Sahara SocialFi is.
If you find yourself intrigued by this exciting platform, you’ve come to the right place. Let’s begin!
What is Sahara SocialFi?
Sahara SocialFi is transforming our perspective on social networking. Instead of merely connecting friends, it introduces a distinctive approach. It transforms your connections into something valuable called “Keys.” Just envision the ability to invest in your friend’s social network or in a group of users to showcase trustworthiness. It’s a novel kind of social app.
In this system, every user on X becomes a social token. You can purchase these tokens, sell them for a profit, or retain them as their value increases with the reputation of the users they represent.
But that’s not all — Keys offer access to exclusive chat rooms for influencers, premium content, and more.
Sahara belongs to the SocialFi sector of blockchain applications, making it a genuinely unique and thrilling addition to the decentralized world.
How does the key mechanism work?
Imagine these keys as digital assets similar to any other; they are subject to market fluctuations. For instance, if you acquire keys from another user at $20 per key, and the base value then rises to $120, you have the option to sell those keys at the updated base value, generating profits. Conversely, if the base value falls below your purchase value, let’s say $8, then you find yourself in a position of loss.
The pricing structure is where the intrigue deepens. Instead of a fixed rate, the cost for the next key of an individual is determined through a quadratic bonding curve based on their current key count. Hence, the primary factor influencing the price is the availability of these keys.
Sahara SocialFi Pricing
The cost of each key is solely determined by the total number of keys already in circulation. As the number of keys increases, the price of each key in ADA rises.
The formula for the price in ADA is as follows:
Key Price in ADA = (number of keys)² * 2 / 7.
It’s important to take into account slippage and fees when engaging in buying or selling transactions.
When you buy or sell keys, there is a price difference to consider. For instance, if User A has 200 keys in circulation, each key you purchase would be priced at 11428 ADA (the current rate for A’s keys). However, if you attempt to sell your A’s keys when there are already 200 keys in circulation, you would receive only 11314 ADA for each key.
Fee Structure and User Stats
At the center of its financial structure is a distinct fee system designed to boost both user motivation and platform expansion. The platform functions on a 5% fee directed to the individual who owns the keys.
To break it down: if someone buys 1 key from A for 200 ADA, A would earn 10 ADA (calculated as 200 ADA * 0.05) from that transaction.
How to Get Started?
Embarking on your Sahara SocialFi journey is a straightforward process.
Sign Up:
Begin by signing up on the website. You can use your Twitter account for the signup process, providing an additional layer of privacy in alignment with their privacy policy. You’ll be prompted to link your Twitter account, serving as a means to verify your identity.
Deposit ADA:
To kickstart your experience on the platform, deposit a minimum of 20 ADA into your account.
Access Granted:
Once your account is funded with ADA, you gain full access to the platform.
Upon entering the app, you’ll be given a complimentary opportunity to purchase your own friend keys. When you invest in another person’s account on the website, you automatically gain access to a private chatroom with the account owner and their fellow stakeholders.
Referral System
Earning points through our referral system is simple and rewarding.
When you refer your friends to our platform, you receive 10 points for each successful referral. As soon as your friend signs up using your referral link, 10 points will be credited to your account.
Excitingly, we are in the process of launching an airdrop token soon. The points you accumulate through referrals will contribute towards your eligibility for the upcoming airdrop token. So, the more points you gather, the closer you get to participating in the airdrop token event.
